PSI14.1.34 - Transfer Payments: General - Transfers and Continued Rights

Pn Appendix Iii

Where a member transfers to another scheme of the same or an associated employer, or to a scheme of an employer who has acquired, been acquired by, merged with, or taken over his or her employer (a relevant employer), the member will normally be entitled to continued rights in the scheme to which he/she has transferred (see PN Appendix III a and b). Where the receiving scheme is subject to the relevant statutory override (in Schedule 23 of ICTA 1988 for schemes approved prior to 23 July 1987 and in Part II Schedule 6 Finance Act 1989 for schemes approved prior to 27 July 1989) continued rights are conferred by the Occupational Pension Schemes (Transitional Provisions) Regulations 1988 SI 1988 No 1436 and/or the Retirement Benefit Schemes (Continuation of Rights of Members of Approved Schemes) Regulations 1990 SI 1990 No 2101 which disapply the statutory override (see also PSI2.3.23). Where, in such circumstances, the receiving scheme is not subject to the relevant statutory override and the transfer is the first transfer, continued rights will be retained by the member provided the transfer takes place in circumstances which would have otherwise fallen within the regulations had they applied. In this situation it is not necessary to seek our agreement to continued rights being granted.